MarineMax announced it has acquired the brokerage house Northrop & Johnson. The merger complements MarineMax’s acquisition of Fraser Yachts in 2019 and will expand MarineMax's services to include yacht and charter brokerage, yacht and crew management and technologically-advanced customer experiences thanks to the digital expertise of the Northrop & Johnson team. Photo: Charl van Rooy / SuperYacht TimesThe company have stated that the move further secures the company's dominant position in the superyacht business and is set to diversify MarineMax into a digitally enhanced business with a higher margin.
The announcement included sales figures for 2020 for the company until June 30, 2020, which has seen revenue exceed the same quarter in the prior year due to "retail trends continuing to be driven by very strong demand for the boating lifestyle." MarineMax’s liquidity, consisting of cash on hand and availability under its credit facility, now exceeds $180 million before considering its sizable real estate portfolio.Photo: Charl van Rooy / SuperYacht Times"The merger with Northrop & Johnson marks another significant step in the diversification of MarineMax into a higher margin and digitally enhanced business. On a global scale, the unified team of Fraser Yachts and Northrop & Johnson creates an unprecedented superyacht powerhouse. From entry-level boaters to the largest luxury yacht, we want our clients’ experiences to be the best in the world," comments W. Brett McGill, Chief Executive Officer and President of MarineMax.
"The acquisition of Northrop & Johnson furthers the MarineMax commitment to fulfilling our mission of exceptional customer service, regardless of whether a client is buying, selling, insuring, building, crewing or chartering. The combination allows us to provide an even greater network to serve our customers’ shared passion for yachting. We are very excited that Kevin Merrigan has joined our team. Kevin has many years of invaluable experience and has built a team that is passionate about the industry," he continues.
Kevin Merrigan, CEO of Northrop & Johnson adds: “MarineMax stands out as best in class for boats and yachts under 120 feet. With the combination of the teams and resources of both Fraser Yachts and Northrop & Johnson, MarineMax can provide end-to-end global boating solutions as we grow the superyacht services business. We are delighted to join MarineMax given that we both have always maintained a family-like culture and share similar ideals and values. MarineMax is the best partner to support the continued success of Northrop & Johnson and our very strong and tenured team.”